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Thread: U.S. Expats Balk at Tax Law[W:82]

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by Taylor View Post
    Class warfare indeed. If the purpose of FATCA were to actually recover lost tax revenue, it would be a disaster (given that it costs more to implement than it will ever recover).

    fair∑ness [fair-nis] noun
    1. A net loss incurred in the name of "recovering lost tax revenue" in order to garner votes.
    2. A tactic used to persuade that is characterized by an appeal to envy rather than evidence. He quickly lined his pockets by passing out promises of "fairness" to the dull and naÔve.
    FATCA doesnt cost us more to implement that it recovers in lost tax revenue
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    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by obvious Child View Post
    Neither is Sangha. It would really help if you had any idea what that law was about before posting about it.

    Is there a requirement for the partisan hackery club where you are not allowed to research?
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    U.S. Expats Balk at Tax Law[W:82]Stop discussing each other and get back on topic. Others should follow that suggestion as well.
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by specklebang View Post
    I can't remember the exact title but wasn't that 360 day rule enough to cover you? Back then, you had a $50K deduction and we all conveniently made less than that (thats close to $250K inflation adjusted) so I don't know who you worked for. Were you a DA Civilian? You might have had your own set of rules. I worked for contractors and then owned a business in Korea in 1969. My first job there in 1963 paid a glorious $250 a month and I lived pretty well on that. When I got to Vietnam, the pay got much more serious and I had literally no expenses living on base so no US taxes and lots of savings. I paid (ha-ha) Korean taxes, like slipping Mr. Tax a $100 bill.
    My expat days was 2003-2006. Worked for Kellogg Brown and Root on a LOGCAP project for Enduring Freedom and IOF or whatever they called it. About the second year in they did that to me. Bastards. Got one really large refund though. I believe my limit was 83,000 or thereabouts I have to actually look at my tax doc. I just Know that to avoid California tax I had to stay out 540 days. You believe that garbage?
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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by j-mac View Post
    And another truism coming to pass...When you unfairly try to go after the wealthy and tax their success they just leave because they can afford to do so...So who's next in the progressive push for so called "income justice"? Well, it would have to be the middle class....and they can't afford to run....Buckle up people.
    I'm certainly not anywhere near being wealthy, but I totally agree that the government should keep their grubby hands off other people's money until they can get some kind of semblance of control on their OWN wasteful spending habits. I'm really finding myself more and more disgusted with our government and they way they step on citizens toes all the time.

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    Re: U.S. Expats Balk at Tax Law

    If I had a business in Farkaktastan and I sold my output to the Farkaktastanis, I wouldn't want to give America a penny. I would either lie like hell on the theory that the IRS can't really check up on me or I would get citizenship there unless, of course, their taxes are too high......

    But if I did business with America, I would just lie like hell or just pay the taxes after Mitt Romney's CPA does them for me and I get the best deal I can.

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by PirateMk1 View Post
    My expat days was 2003-2006. Worked for Kellogg Brown and Root on a LOGCAP project for Enduring Freedom and IOF or whatever they called it. About the second year in they did that to me. Bastards. Got one really large refund though. I believe my limit was 83,000 or thereabouts I have to actually look at my tax doc. I just Know that to avoid California tax I had to stay out 540 days. You believe that garbage?

    At least you got it back. Sort of a no interest savings plan.

    540 days. Yeah, like I said, I don't really remember since I'm back 40 years now. KB&R is one of the biggies, huh? I worked for AAE, PA&E and some other lame outfit whose name escapes me now. Nobody even tried to take out taxes back then.

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    Re: U.S. Expats Balk at Tax Law

    I have never understood why people get mad when other people give up their citizenship to escape the clutches of the US government.

    seriously it's none of your business.. if folks want to leave, for whatever reason.. wish 'em well and go on about your day... don't get all butthurt and stupid about it.
    " 'merica!!.. love it or leave!!..." blablabla-****ing blah... grow up.


    as for chasing Americans around the globe to get their money..well, the US is the only country that does that.
    the entire globe, it seems, is US territory.... and Uncle Sam will come for you and get "his" money.
    the best way to get away from that extremely messy hassle is to just renounce citizenship and go on about your life free of the US government's long reach.

    sometimes, the benefits to being a US citizen aren't worth the tradeoff... depending on your circumstances, of course.


    if you are considering renouncing citizenship, just don't do it over taxes, or of you do, just have another valid excuse ready.... the US government is very hostile to folks who don't want to pay US taxes... they, along with most liberals, think you are actually stealing their money.
    they won't let you back in the country, even to visit.... that's how butthurt they get.

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by ChrisL View Post
    I'm certainly not anywhere near being wealthy, but I totally agree that the government should keep their grubby hands off other people's money until they can get some kind of semblance of control on their OWN wasteful spending habits. I'm really finding myself more and more disgusted with our government and they way they step on citizens toes all the time.
    But that's not what the law is about.

    For instance, I sell you property A in the US. I tell you to deposit the payment in Account B in foreign country. I don't declare that sale or that account. I have evaded taxes. Should this be legal?

    The law in question seeks to prevent this by mandating disclosure of such accounts. If I must disclose the assets in that account, I'm far less likely to not pay taxes on it.

    Yeah, the law is a pain in the butt. But so is that $500 BILLION in unpaid taxes every year. We're all paying more taxes or having a higher deficit because people are evading taxation.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by obvious Child View Post
    But that's not what the law is about.

    For instance, I sell you property A in the US. I tell you to deposit the payment in Account B in foreign country. I don't declare that sale or that account. I have evaded taxes. Should this be legal?

    The law in question seeks to prevent this by mandating disclosure of such accounts. If I must disclose the assets in that account, I'm far less likely to not pay taxes on it.

    Yeah, the law is a pain in the butt. But so is that $500 BILLION in unpaid taxes every year. We're all paying more taxes or having a higher deficit because people are evading taxation.
    Well, you do have a point there. Loop holes should be closed IMO.

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by ChrisL View Post
    Well, you do have a point there. Loop holes should be closed IMO.
    I would agree with that, but I would also think that if this is what OC is asserting that is the norm in the type of thing happening by everyone that has a foreign bank account, then the onus is on him to prove that they are evading taxation....Innocent until proven guilty and all...
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